Infosys files over Rs100-crore counterclaim against ex-CFO
The legal dispute between Infosys and its former CFO Rajiv Bansal has taken an interesting turn with the company filing a counterclaim to the tune of over Rs 100 crore with the arbitration judge. The dispute between the two parties centres on the non-payment of compensation amount of Rs 12.38 crore to Bansal, which is being contested by Infosys. According to sources familiar with the developments, Infosys has made this counterclaim against Bansal with arbitration judge through both oral and written submissions for supposedly breaching trust and confidentiality. In response to a query from FE, Infosys said: “We have no comments to offer.”
Followed law of land to recover dues: PNB
Rebuffing claims by diamond merchant Nirav Modi that it stopped all options of recovery of dues by going public on the `11,394-crore frauds, PNB has asserted that it only acted in accordance with the law of the land. The bank has also asked Modi to come out with an implementable repayment plan to settle losses caused to it on letters of undertakings fraudulently issued by one of its branches to Modi’s firms. “You (Modi) were getting LoUs issued illegally and in an unauthorized way through few bank officials. At no stage such facilities were extended by our bank to your three partner firms,” a source told FE, quoting the response to Modi’s email by PNB’s general manager (international banking division) Ashwini Vats.
Minimum public holding: SEBI provides additional avenues to listed firms
The Securities and Exchange Board of India (Sebi) on Thursday provided two additional measures to listed companies to ensure these firms comply with 25 per cent minimum public shareholding norms. Sebi allowed listed firms to allot shares to qualified institutions placement (QIP). The regulator also allowed promoters or promoter groups to sell up to two per cent of the total paid-up equity share capital of the listed firm in the open market. Sebi, however said, such a sale will be subjected to up to five times average monthly trading volume of the stock. Under Sebi norms, every listed firm will need to maintain a public shareholding of at least 25 per cent. Listed public sector companies have been provided additional time till August 21, 2018 to comply with the requirements.
DoT announces strategic plan for 7 telecom PSUs, including BSNL, MTNL
The department of telecommunications (DoT) on Thursday unveiled a strategic plan to create synergies among its seven public sector units (PSUs) which includes frameworks to facilitate manpower sharing, utilize vacant land and buildings, boost technology innovation and export promotion and, importantly, settle legal issues and financial claims.“The world over, telecom sector is moving towards massive consolidation… harnessing synergy is now an imperative not a luxury… our PSUs must come together. Turf issues often come to the fore at the lower level, but at a higher level, I hope (officials at PSUs) can rise above turf issues and leverage each other’s strengths,” telecom secretary Aruna Sundararajan said.
Punjab National Bank appoints PwC to probe Rs 11,300 crore frauds
Punjab National Bank has appointed auditor PwC to conduct an investigation into the alleged Rs 11,300-crore fraud involving jewelers Nirav Modi, Mehul Choksi and their companies, said people aware of the matter. PwC has been asked to gather evidence that can be used against Modi and his associates in court, according to them. In the 15-point “scope of work” document issued by PNB on February 17 and finalized on February 21, the bank instructed PwC to identify how the letter of undertaking (LoU) mechanism was misused by Modi, track the money and check on the end use of the funds raised. It has also been asked to quantify PNB’s losses due to the alleged scam.
Promoters can now sell 2% stake to comply with shareholding norm
SEBI on Thursday allowed two additional measures for listed companies to comply with the 25 per cent minimum public shareholding norms. It has permitted promoters to sell up to 2 per cent stake by qualified institutional placement (QIP) or through open market sale of shares. SEBI norms require every listed firm to maintain a minimum public shareholding of 25 per cent. A newly-listed company is given two years to comply with these norms. Currently, companies can sell shares through issue of shares to public through prospectus, offer-for-sale to public through prospectus, sale of shares held by promoters through secondary market institutional placement programme, rights issue to public shareholders and bonus issue of shares.
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